China and India alternated in being the largest economies in the world from 1 to 1800 AD. In addition to creating a conducive economic and political climate, the government developed the skills of its multi-racial workforce, and established export-oriented industries by encouraging foreign investors to set up regional operations in manufacturing. [62] Local governments are now responsible for infrastructure investment, service delivery and social spending, which together account for about 85 percent of the total expenditure. The government also played a prominent role in Singapore's growth as a major financial and business services centre. As in all world regions, the wealth of Asia differs widely between, and within, states. High productivity in agriculture, especially of rice, allows high population density of many countries such as Bangladesh, Pakistan, southern China, Cambodia, India, and Vietnam. Both continents quickly recovered from the attacks in United States after more than a year. Brunei is second with a nominal GDP total of $17,105,000,000 USD and a per capita GDP of $37,759.00 USD. [84] The stimulus package was 20.2 trillion yen ($210 billion) and the government also aimed to create 600,000 jobs in two years. The rise of Asian economies began with the Chinese migration to neighboring Asian countries in the 16th century reaching its apex in 1949. Online Store Liberalisation has been credited by its proponents for the high economic growth recorded by the country in the 1990s and 2000s. Following the global economic recession, the Prime Minister hoped to boost Japanese economy with "three arrows": massive fiscal stimulus, more aggressive monetary easing and structural reforms to make Japan more competitive. In 1931 Japan invaded Manchuria and subsequently the rest of China and south-east Asia in what eventually became the Asia-pacific leg of World War II. Merchandise exports fell 0.5% annually in September (August: -8.2% year-on-year), as higher non-energy exports largely offset lower energy exports. However, it was since able to recover with double digit annual growth rates. After World War II, under central guidance from the Japanese government, the entire economy was undergoing a remarkable restructuring. As a result, the Japanese expansion began with a great part of Korea and China annexed, thus allowing the Japanese to secure strategic resources.[24]. [34], Taiwan and Hong Kong experienced rapid growth up till the 1990s. [50][51] In 2018, India has overtaken Japan as the second largest economy in Asia and the third largest overall in the world, while China has overtaken the U.S. in terms of purchasing power parity or GDP (PPP) in the world, marking the first time in almost 2 centuries that any country outside the Americas and Europe has taken the top spot globally. [43] In 2001, almost all economies in both Europe and Asia were adversely affected by the September 11 attacks, with Indonesia and Japan was hardest. In addition, this stimulus package aimed to ensure public safety with reconstruction efforts, creating a base for future business growth, and revitalizing regions by promoting tourism, revitalizing public transport, and improving infrastructure. [106], The Asia-Pacific Economic Cooperation (APEC) is a group of Pacific Rim countries who meet with the purpose of improving economic and political ties. Regional Comprehensive Economic Partnership, South Asian Association for Regional Cooperation, South Georgia and the South Sandwich Islands, oil price war between Saudi Arabia and Russia, Central Committee of the Communist Party of China, Economic and Social Commission for Asia and the Pacific, List of Asian and Pacific countries by GDP (nominal), List of Asian and Pacific countries by GDP (PPP), List of Asian countries by GDP per capita, United Nations Department of Economic and Social Affairs, "GDP Nominal and PPP Data, current prices", "IMF (WEO April 2017 Edition) GDP nominal per capita - international dollar", "Asian Millionaires Outnumber Those in North America, Report Says", "http://www.imf.org/external/datamapper/NGDPD@WEO/OEMDC/ADVEC/WEOWORLD", "The Asian Tigers from Independence to Industrialisation", "Report for Selected Countries and Subjects", "Professor M.D. In Japan larger, high-quality fish are common while in China, smaller fish are being consumed at a higher rate. [9][10][11] Israel and Turkey are also two major economies in West Asia. [23] The Japanese economy continued to grow well into the 20th century and its economic growth created various shortages of resources essential to economic growth.